Retirement Planning : Teens And Financial Education

In the textbook, there is stated every single detail about financial planning like advantages, effects, and financial planning activities. Personal financial planning involves the following process: (1) determine your current financial situation; (2) develop financial goals; (3) identify alternative courses of action; (4) evaluate alternatives; (5) create and implement a financial action plan; and (6) review and revise the financial plan. Obtaining, planning, saving, borrowing, spending, managing risk, investing and retirement and estate planning are the major key factors for the financial planning. Many factors influence financial decisions. People in their 20s spend money differently from those in their 50s. Personal factors such as age, income, household size, and personal beliefs influence your spending and saving patterns. Your life situation or lifestyle is created by a combination of factors. The article “Your financial future begins” focused on the college and school students who have limited income and they should not spend money in other extra activities. Similarly, the article also focused on the students who are graduating and it also states that every student should make financial plans so that it will helpful for them when they are busy with their life. Hence, comparing the chapter and the article, it can be clearly seen that the chapter covers almost all the aspects of the financial planning but the article only focused on the age factor for the financial planning mostly college students before and after

So often we hear about teaching the whole child. Today, more than ever, personal finance knowledge and awareness are a critical part of what it means to teach the whole child.

Economic knowledge is very important to have, especially in modern America. Dave Ramsey, a speaker, and guide for the public helps better educate on the importance of money and how it works. From a series of videos by Dave Ramsey, he brought to my attention a few important parts of saving. One of them is to always pay with cash. Another being avoiding acceptance of loans. Lastly, Ramsey hammered in the idea of always looking for opportunities to save money. These three points stood out to be most important to me.

Future initiatives with financial education can change the landscape of an individual’s life and the economy in which we live. If there is limited focus on learning about personal finances we continue to set our economy up for constant failure. There is a substantial amounts of education provided to school age children that does not directly impact their financial education for their future. In high school individuals learn

My introduction to the world of personal financial planning began in the summer of 2012 when I enrolled in a Personal Financial Management course at The University of Texas at Dallas. Prior to this course, personal finance was a topic that I had always taken a deep-rooted

There is much controversy regarding whether a financial literacy course should be mandatory, or not even brought into the school systems at all. In all of the America, only 13 states require a financial literacy course. Managing one's money can be very difficult and challenging. Now is the time we have to ask ourselves whether or not this course would be beneficial for students. Getting older means gaining more responsibilities; and once graduating from high school, a person gets thrown into the real world, where they have to balance their spendings and know how to manage their income.

The recession was the eye-opener for numerous people as it made them realize the significant importance of financial education and how a single mistake could change a person’s life forever. According to a news article for USA Today ‘ the recession really put a fine point on it.’(Morrison,4). The new focus on financial literacy to be taught in schools is to create financial literate students to prepare them for the real world economic problems. However, only 20 states in the U.S require to take a course in economics. According to a news article for USA Today teaching the students about ‘the basics of economics and finances’ is essential to make helpful finance-related decisions in the future

Many people assume that handling personal finances is straightforward and can be done with little to no preparation. This paper delves into the many different aspects of personal finance. It discusses the tools that we are learning in class and explains how these tools that can be used to save for retirement. It offers tips to improve your financial standing both now and in the future. And finally, it compares these tips with advice offered by an expert, Suze Orman. Everyone needs to learn how to properly prepare their finances to reach their goals. While doing so can be easy and rewarding, neglecting

This statement is rather shocking but proves why high school students should be taught financial literacy. Financial literacy is the ability of learning how to manage money. Financial literacy should be taught because, more people have been going bankrupt at a younger age, they have more debt options, and lastly are unable to manage money because they have never been taught. This is not just a problem for an individual, but potentially a huge problem in this country’s future.

Understanding my childhood financially, I vow to better the lives of ones who experience a similar lifestyle. Becoming a successful finance advisor will allow me to provide beneficial financial advice to underprivileged individuals and families such as I am. My purpose for being on this earth is to fulfill my potential and experience what the world has to offer. I will always remember what I have come from and be satisfied with each step of progress I experience. Being one to educate the ignorant who tend to make poor decisions with their personal finances will ultimately change myself as a person and those specific individuals. Everyone deserves to live financially comfortable, doing so I will never fail to realize what I have experienced and being completely satisfied with the results. In consideration to my aspiration to become a financial advisor I possess many personal values. Personal values are advantageous in that they provide guidance and are long lasting. Three examples of core values I abide are education, ambition and efficiency. These are a select three which relate to my future goal. Education is the primary core value because it’s where everything begins. Being educated enhances my knowledge, permitting myself to better others and for them to attain the concepts. Ambition is

As sound financial prosperity and better way of life is picking up need amongst people, the individual financial planning is progressively turning into a decent practice if not as of now a need. Truth be told, a sound individual financial arrangement permits individual to be aware of courses in which they manage financial matters. It is a way to manage an individual 's financial choices and highlight the consequences of such choices on different territories of one 's accounts. An average way to deal with individual financial planning includes compelling usage of investment funds to aggregate riches, trailed via watchful protection of such riches against

Often times, people don’t start saving early for simple reasons. They either don’t know about it yet, they think they have plenty of times, or it seems too complicated. (Olson, 2014, p. 52) In some cases, workers simply do not have the financial literacy capabilities

It has almost been three years since I have been employed at my first and current job. I am currently employed at a financial group in the Springfield/ greater Hartford area. More specifically, my branch focuses on managing participants retirement portfolio as well as developing the technology to manage and optimize such extensive portfolios. As a result of being employed here, I have interacted with senior partners and experienced employees whom briefly taught the importance and benefits of saving early. With this brief knowledge, I set out to further develop my knowledge and hopefully help those my age to build a future for them so that they retire comfortably. Through this, I will be researching possible financial strategies current college students may use to save for retirement.

For those Millennials who are entering the workforce, there is a pressure on paying off high amounts of debt and lacking the knowledge to make smart investment decisions. An article by Larson, Eastman, and Bock (2016) explains that Millennials entering the workforce are presented with difficult financial decisions. They also could possibly make financial mistakes during this time that could be costly for their future (Larson et al., 2016). Millennials may not be able to depend on pensions or Social Security to fund retirement so the importance of saving is crucial during their younger years. They found from prior research that there are differences in how the millennials view investment decisions compared to other generations. They were more risk adverse and conservative than others and this could by why they are not wanting to save for retirement. The lack of knowledge about investment decisions could also by why they are not saving enough during their working years. Older generations keep their savings in cash and less in stocks and most millennials do not carry much cash and some are risk adverse to keep their cash in stocks. Through their three studies, they tried to understand the relationship of financial knowledge and risk on retirement investment decisions. After their study, they found that millennials chose highly conservative retirement plans and those individuals had low degrees of knowledge about finance. Also, their findings showed

This research proposal uses Delphi technique to refine the research topic area. It is about forming a group of individuals who are related to or concerned about the research area to develop a more particular research idea (Saunders et al., 2006). I explained to three relevant course lecturers that my research idea was involved with helping young people use financial products to save and plan for their future. And we generated a few specific ideas, such as: the economic aspects that required young people to start saving; the features that young people look for in savings projects; roles of governments and savings sector in developing preferable savings projects. After discussion, I refined my research idea to: what savings projects best appeal to young people in current economic climate.